Homework: HW09.03 Score: 0 of 8 pts S9-8 (similar to) Save 4 of 13 (0 complete)

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Homework: HW09.03 Score: 0 of 8 pts S9-8 (similar to) Save 4 of 13 (0 complete) Hw Score: 0%, 0 of 50 pts Question Help On August 31, 2016, Wonderful Landscapes discarded equipment that had a cost of $25,680. Accumulated Depreciation as of December 31, 2015, was $24,000 Assume annual depreciation on the equipment is $1,680. Journalize the partial-year depreciation expense and disposal of the equipment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the partial-year depreciation expense. Date Accounts and Explanation Debit Credit Aug 31 Choose from any list or enter any number in the input fields and then click Check Answer

Explanation / Answer

Cost of the Equipment = $25,680

Accumulated Depreciation as on Dec 31, 2015 = $24,000

Depreciation for the year till August 31,2016 = 1,680 x 8/12 = 1,120

Journal entry for Depreciation for the year

Depreciation A/c Dr. 1,120

To Equipment A/c 1,120

Balance cost of equipment = 25,680 - 24,000 - 1,120 = 560

Journal entry on disposal of equipment

Loss on disposal of equipment A/c Dr. 560

To Equipment 560

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